Item 1 is currently : 'Check for volcanic ash!'
Personally, I don't believe there is a real need for them if sound SOPs are in place, but it really depends on the level of currency and familiarity. We tend not to fly alot of IFR so when the opportunity arises it's an unfamiliar environment. Therefore I have included some additional guidance on the reverse of the normal checklist to act as an aide-memoire. My preference would be to not have it at all, and certainly the intent is that it is not a read and do list, but just to confirm the set up has been carried out correctly and all items covered.
In reality, though, if you use the Jepessen briefing strip diligently and use each briefing item to cross-check the relevant item in the cockpit - such as ILS course on the plate vs that set on the HSI, Sector MSA vs actual altimeter setting etc - then there's not much else to check.
Fixed wing airline pilots fly IFR pretty much all the time and have very little in the way of checklist items - mostly surrounding altimeters - and are normally covered in their descent checks. SOPs and discipline are the key!
Someone like Thidl Op Des can give a better insight into the differences - he's ex rotary and now an A340 TRI.